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Keyword: pensions

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  • Consumers’ Research Warns US Governors About BlackRock’s Retirement Fund Investments in China

    12/05/2021 5:48:14 AM PST · by Twotone · 11 replies
    The Epoch Times ^ | December 4, 2021 | Bryan Jung
    Consumers’ Research, the nation’s oldest consumer advocacy organization, sent a Dec. 2 letter (pdf) to ten U.S. governors warning them about the reliance of their states’ pension funds on BlackRock’s strong ties to China. BlackRock, under its CEO Larry Fink, is the first foreign-owned company to receive a license to operate in China’s $3.5 trillion mutual fund industry, Forbes reported. Consumers’ Research executive director William Hild sent the warning to the governors of Washington, Florida, New York, Nevada, South Carolina, Oklahoma, Pennsylvania, Montana, Nebraska, and West Virginia—the ten states with the most investments in BlackRock. Washington has invested the most...
  • Democrats want to rescue union pensions from the party's failed bailout plan

    11/27/2021 3:40:18 PM PST · by Oldeconomybuyer · 15 replies
    The Hill via Yahoo ^ | November 27, 2021
    Democrats now assert their bailout of multiemployer union pension plans in March's American Rescue Plan Act was deeply flawed and are demanding the Pension Benefit Guaranty Corporation (PBGC) rescue multiemployer union pension plans from the act's botched rescue. Democrats' admission this bailout will cost much more than advertised should raise concerns about the real costs of the third massive bill they are rushing to enact this year with new social spending schemes. The American Rescue Plan Act provided an $86 billion "taxpayer bailout" to some multiemployer union pension plans, according to the Congressional Budget Office, but not enough to make...
  • Kentucky pension systems outline future budget needs

    09/22/2021 8:26:57 AM PDT · by Oldeconomybuyer · 13 replies
    The Associated Press ^ | September 22, 2021
    FRANKFORT, Ky. (AP) — Kentucky’s state pension systems are expected to need nearly $4.6 billion from the next two-year state budget, mostly to cover pension debts, officials told lawmakers. The largest share will go to the Teachers’ Retirement System of Kentucky, the Lexington Herald-Leader reported. For fiscal year 2023, TRS expects to need $1.25 billion from the state; for fiscal year 2024, it’s $1.33 billion, lawmakers were told Tuesday. TRS provides retirement benefits to 56,629 retired Kentucky educators, with 73,151 more educators actively enrolled. The state’s General Fund is about $12.5 billion a year, Rep. Jim DuPlessis said. “So that’s...
  • U.S. pensions hurt by China's crackdown, says former White House trade advisor (Peter Navarro on CNBC Squakbox this morning) (Four minute video clip)

    08/04/2021 11:36:11 AM PDT · by Perseverando · 9 replies
    MSN ^ | August 4, 2021 | Joe Kernen, Peter Navarro
    Peter Navarro, former director of the office of trade for the Trump white house, joins "Squawk Box" to discuss China's tech crackdown and how it affects the U.S. (Four minute video clip)
  • Xi’s tech clampdown signals end of a capitalist era With over $1 trillion in stock market losses tied to recent regulatory lurches, control is the new name of the game in China

    08/03/2021 8:24:28 AM PDT · by elpadre · 31 replies
    asiatimes.com ^ | Sugust 3, 2021
    TOKYO – China is so keen to maintain control over its sprawling and expanding economy that it’s even willing to go communist. For all the claims from Communist Party bigwigs that President Xi Jinping isn’t on an anti-wealth crusade, the losses are too jarring to dismiss as “capitalism doing its thing.” Indeed, the more than US$1 trillion of market capitalization losses tied directly to Xi’s recent policies has China bulls mutating into China bears. First, it was Jack Ma’s Ant Group getting stomped by Xi’s regulators. Then Didi Global and the $100 billion private tutoring sector got the boot. Next...
  • Psaki: "Inflation Is Good for America" [semi-satire]

    05/14/2021 11:32:31 PM PDT · by John Semmens · 10 replies
    Semi-News/Semi-Satire ^ | 16 May 2021 | John Semmens
    Indications that inflation is rising is roiling markets and unnerving consumers who must pay unexpectedly higher prices for basic necessities. Gasoline prices, for example, are up nearly 50% from a year ago. Presidential Press Secretary Jen Psaki pooh-poohed concerns, calling them "unnecessary fretting. Rising prices are a positive in so many ways." "Take the jump in gasoline prices," she suggested. "This is not an unplanned phenomenon. It is the President's policy to wean the country off of fossil fuels. To accomplish this it is necessary to make gasoline unaffordable for as many drivers as we can. The Colonial Pipeline hacking...
  • Here’s how much money Americans in their 20s have in their 401(k) accounts

    04/26/2021 8:03:49 AM PDT · by SunkenCiv · 43 replies
    CNBC ^ | Monday, April 26, 2021 | Nadine El-Bawab
    Early in your career, start by saving what you can, with the ultimate goal of putting away 15% of your salary. That 15% will put you on track to have the equivalent of your salary saved by 30, which is the milestone retirement-plan provider Fidelity recommends aiming for in order to retire comfortably.And if your employer offers a 401(k) match, try to contribute enough to qualify for the full amount, which is essentially free money.That means if you earn $50,000 a year, you should aim to have $50,000 in retirement savings by the time you are 30. If your annual...
  • Vermont Breaks the Bailout Code (subscription)

    03/30/2021 1:34:23 PM PDT · by NohSpinZone · 2 replies
    Wall Street Journal Opinion Page ^ | 3/29/2021 | WSJ Editorial Board
    Democrats stipulated in their $1.9 trillion spending bill that none of the $350 billion going to states and localities could be “deposited into a public pension fund.” That always looked like a trick, and Vermont is the first state to prove the point. Vermont’s Democratic Legislature broke the code when it dared to propose pension reforms while the state is flush with federal bailout money. Vermont’s pension funds are 35% to 50% underfunded, and rising payments are squeezing government services.
  • President Donald J. Trump is Taking Unprecedented Steps to Protect the Pensions of American Workers

    10/23/2020 8:20:44 AM PDT · by ransomnote · 3 replies
    whitehouse.gov ^ | October 22, 2020 | White House
    PROTECTING AMERICAN AUTOWORKERS: President Donald J. Trump is taking action to address the Obama administration’s decision to terminate the pension plans of non-union and salaried autoworkers of the Delphi Corporation. Today, President Trump issued a Presidential Memorandum directing his Administration to review the Obama administration’s decision to terminate the pension plans of Delphi Corporation’s non-union and salaried workers. When Delphi Corporation spun off from General Motors (GM) in 1999, its union workers received a deal from GM to protect their pensions, while non-unionized and salaried workers did not.After both companies went bankrupt, Delphi’s union pensions were fully protected while its...
  • The Political Games Proxy Advisors Play With Workers Retirement Security

    10/19/2020 5:37:37 AM PDT · by Kaslin · 2 replies
    Townhall.com ^ | October 19, 2020 | Ken Blackwell
    Over the next several weeks, the Department of Labor will begin to sift through the public comments on their recently proposed rule “Fiduciary Duties Regarding Proxy Voting and Shareholder Rights,” seeking the best course of action to ensure that pension beneficiaries across this country receive the benefits they deserve. This rule reaffirms the fiduciary obligations that ERISA-backed pension fund managers owe to their beneficiaries, and puts forward much needed reforms in a proxy advisory industry that for too long has neglected to serve the best interest of pensioners.  In this tumultuous election season, where even non-controversial issues have become political,...
  • Austria's Kurz Warns Against EU Asylum-seeker Distribution

    09/22/2020 5:31:43 PM PDT · by RomanSoldier19 · 2 replies
    https://www.ibtimes.com ^ | 09/22/20 AT 6:28 PM | By Blaise GAUQUELIN
    Austrian Chancellor Sebastian Kurz warned Tuesday against any attempt to force EU countries to take in asylum-seekers as the European Commission prepared to unveil a new strategy for handling migration to the bloc. Speaking to AFP in an exclusive interview, Kurz alluded to previous efforts by the European Commission to introduce mandatory quotas for refugees for all EU members, which were rejected by many eastern and central European countries. "We find that the distribution in Europe (of asylum seekers) has failed and many states reject this. It won't work like this," the 34-year-old conservative leader said. On Wednesday, Brussels will...
  • Trump's Labor Department Seeks to Clean Up Left-Wing Abuses of Pensions

    09/15/2020 5:03:49 AM PDT · by Kaslin · 2 replies
    Townhall.com ^ | September 15, 2020 | Ken Blackwell
    For pension beneficiaries across the country, the recent proposals by the Department of Labor are a positive step towards ensuring that accountability and fiscal responsibility take precedence over any other considerations. Two new rules are currently being weighed. The first, for which the department is currently in the process of sorting through public comment, concerns the role of environmental, social, and governance (ESG) investments in ERISA-backed pension funds. The second takes aim at “proxy voting,” examining the outsized roles that proxy advisory firms have in investment decisions and examining whether their recommendations are always economically beneficial to pensioners.These rules rightly reaffirm a...
  • Half of Singles Don’t Want a Relationship or Even a Date

    08/27/2020 10:56:53 AM PDT · by RomanSoldier19 · 181 replies
    https://www.psychologytoday.com ^ | Aug 21, 2020 | Bella DePaulo Ph.D.
    A just-released report from the Pew Research Center sends a dagger straight through the heart of a popular mythology—the one that insists that what single people want, more than anything else, is to become coupled. So untrue. The findings, based on a national, random sampling of nearly 5,000 adults in the U.S., showed that 50 percent of single people are not interested in a committed romantic relationship and they are not even interested in a date. Another 10 percent want nothing more than casual dates. About a quarter of single people, 26 percent, would be interested in casual dates or...
  • COVID-19 will turn the state pension problem into a fiscal crisis

    06/30/2020 12:58:19 PM PDT · by SkyPilot · 28 replies
    The Conversation ^ | 16 Jun 20 | Raymond Scheppach
    You may be wondering why, over the last few months, the state pension problem – normally not a subject of widespread discussion – has been in the news. In fact, you may be wondering just what the state pension problem is. The problem – and it’s a big one – is that many of the public employee pension plans run by states don’t have enough money in them to make upcoming pension payments to retired state workers. The first time the subject came up recently was toward the end of February. That’s when teachers in Kentucky called a sick-out...
  • If there really is systemic racism in big city police departments, why don't the democrats in charge fix the problem?

    06/02/2020 6:15:34 PM PDT · by Jim Robinson · 63 replies
    <p>Waiting for someone in the media to ask and waiting for the democrat governors and mayors to provoide answers.</p>
  • Here’s the Ugly Truth About How Much We Save for Retirement

    05/31/2020 7:10:02 AM PDT · by where's_the_Outrage? · 79 replies
    Moneytalksnews ^ | May 31, 2020 | Chris Kissell
    By and large, Americans of all ages believe they are building healthy nest eggs that will support them through a long retirement. In fact, 60% of all workers say they are piling up savings adequate to last through their golden years, according to the 20th annual Transamerica Retirement Survey of Workers. But the actual numbers suggest something different. The median-sized nest egg for baby boomers is a relatively paltry $144,000, according to the Transamerica Center for Retirement Studies. The median is defined as approximately the midpoint of the range in a given category.
  • Report: Pension costs eat up education funding, and teacher pay stagnates

    05/24/2020 8:47:00 AM PDT · by edwinland · 16 replies
    Michigan Public Radio ^ | Spet 11, 2019 | Sarah Cwiek
    Any growth in state education spending over the past five years is being eaten up by greater teacher retiree system costs, according to a new report from the Citizens Research Council of Michigan. Since 2012, school districts have had to return per-pupil funds to the state to cover unfunded liabilities in the Michigan Public School Employee Retirement System (MPSERS). According to current projections, those liabilities won’t be paid off until 2038. According to the Citizens Research Council, that required contribution has eaten up the modest 12% increase in state per-pupil spending since 2013. And that’s reflected in average teacher pay,...
  • Cal Pension Systems are Headed to BK but not due to C-19 Virus?

    05/11/2020 1:44:11 PM PDT · by WLusvardi · 23 replies
    California Globe ^ | May 11, 2020 | Wayne Lusvardi
    Budget crisis could have been avoided if Gov. Newsom had pursued a triage virus health policy instead of marital law and business shutdowns ‘In 1999, most government pension plans were 100% funded. With a 50% increase in liabilities, they instantly became two-thirds funded. And, for the last 20 years they are still two-thirds funded!’ – Sen. John Moorlach State Senator John Moorlach (R-Costa Mesa) knows a lot about municipal budgeting. While campaigning for Orange County Tax Collector-Treasurer in 1994, he accurately predicted the largest municipal bond loss and bankruptcy in history. Moorlach recently wrote in the Bond Buyer: “Put California...
  • Kiss Your State Pension Goodbye

    04/30/2020 3:31:23 AM PDT · by SkyPilot · 90 replies
    Forbes ^ | 23 Apr 20 | Edward Siedle
    When Kentucky senior Senator and Majority Leader Mitch McConnell said this week that he would be in favor of allowing states to use the bankruptcy route to deal with their underfunded public pensions amid the pandemic emergency, state workers and retirees—already struggling with the economic and health crisis—were rightfully alarmed. “Using the bankruptcy route” is code for slashing pension benefits promised to state workers. Under current law, only cities and other local governments can file for bankruptcy and only with permission of the state. McConnell supposedly represents Kentuckians and Kentucky already had the worst-funded state pension system in the...
  • Why Illinois Is In Trouble – 109,881 Public Employees With $100,000+ Paychecks Cost Taxpayers $14B

    04/28/2020 10:09:50 AM PDT · by Zenyatta · 37 replies
    Forbes ^ | 4/27/2020 | Adam Andrzejewski
    Illinois could soon be the first state in history to have its bonds rated as “junk.” Last month, both Moody’s MCO and Standard & Poor’s downgraded Illinois debt to just one notch above junk status. Last week, the Illinois State Senate President Don Harmon (D-Chicago) wrote a letter to Congress requesting a $41.6 billion bailout. Critics balked. In many ways, Illinois may have already crossed the Rubicon. Our analysis at OpenTheBooks.com shows that an Illinois family of four now owes more in unfunded pension liabilities ($76,000) than they earn in household income ($63,585). In a state of 13 million residents,...